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The indicator displays renko bars on the chart, calculates and displays the Bollinger Bands, MA indicator based on their data, and selects buy/sell signals based on divergence.

Renko is a specialized display of the price movement, in which the bar of the time interval is displayed on the chart only if the price has passed more than a specified number of points. Renko bars are not tied to a time interval, so the indicator can work with the same efficiency on any timeframe.

Divergence points are estimated by the points where the price goes beyond the upper/lower Bollinger lines and returns inside. If the next price peak exceeds the previous one, and the difference between the Moving Average and the central Bands line is less, a sell signal is formed. The buy signal is a mirror signal.

The signals are displayed on the chart in the form of arrows in the corresponding direction, as a message in a pop-up window, to an email, or to a mobile device. The indicator also generates a custom EventChartCustom event to use the signal in trade automation. The event generated by the indicator can be processed by the Expert Advisor in the OnChartEvent function. The indicator passes the following parameters to the event handler: id – ID; sparam-text message.

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  • RenkoBar – the size of the renko bar in points (automatically recalculated for three-digit and five-digit quotes);
  • CountBars – the number of renko bars displayed on the chart;
  • bearColor-the color of the bearish renko bar;
  • bullColor – the color of the bullish renko bar;
  • hideBars-indicates whether to hide the display of regular bars on the chart;
  • MAPeriod – the period of the moving average;
  • MaColor – color of the moving average;
  • BandPeriod, BandDev – eponymous parameters of Bollinger;
  • BandColor – the color of the Bollinger lines;
  • SignalBuyColor – the color of the signal arrows for the purchase;
  • SignalSellColor – color of the signal arrows for sale;
  • UseAlert-allow notification in the pop-up window;
  • useMail-Email notification permission;
  • useNotification – allowing notifications to be sent to a mobile device;
  • CustomEventBuy-ID of the custom purchase event (0 – ban).);
  • CustomEventSell-ID of the custom event for sale (0 – ban).);


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